Vendor requesting deposit to remove property from market?

darcyboo

Smi1er wrote: »

I had an agent request such a deposit when buying a place from a developer.

I told them I wasn't willing to pay such a non refundable deposit, however I was willing to pay a £1,000 deposit subject to contract. They accepted that. It merely showed I was serious about buying

Did that go via the agent, or your solicitor, or what? Just out of curiosity, decided we won't be paying it via any means.

lisyloo

It's not an inconsequential amount of money but I'd be more concerned about the reasonableness of the seller.
It's understandable that they have concerns but there are other ways of showing committment which are more reasonable e.g. agreeing on dates to see committment from you.

martin1959

diggingdude wrote: »

I assume the seller puts up £200 to protect buyer if seller pulls out?

No, as I thought I made clear, although obviously not clear enough.

The buyers risk £200

The seller loses the opportunity to take a possibly better offer, or better buyer.

Generally it buyers more than sellers that pull out, unless the seller is messing them about, or causing unreasonable delays

diggingdude

I understand perfectly what you wrote martin1959 I was pointing out the unfairness of it but that probably wasn't clear enough for everyone. In this scenario only the buyer faces a financial penalty not both. If the seller would like to take a better offer once a price is agreed and work undertaken then that says alot about the type of seller, a financial commitment from both would make much more sense

AdrianC

If you think it's unfair, then the answer is simple. Walk away, and buy somewhere else.

That'll show 'em.

ssparks2003

Personally I do not see an issue with a deposit (subject to the t&c's) as it does weed out the idiot's and dreamers from the serious buyers. When we sold our first house it got to the point of asking for a deposit before we took it of the market.

We did this because quite simply we had been mucked around by potential buyers and it was costing us money. We heard great excuses from buyers as they pulled out including "we thought it had more bedrooms" and "the drive is too steep" both pulling out 6 weeks after offer. As soon as we requested as deposit we found a couple of people huff and puff then a serious buyer rocked up and everything sailed through

Farmer_Johnson

In my case I decided to buy before selling my existing property, and the seller was not convinced that I would be able to complete, so I was happy to pay to reassure them.